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Bloomberg/John Authers/4-18-2021
“At one point, bitcoin was down 20.3% from its peak just before Coinbase Global Inc. started trading Wednesday. It’s hard to believe the share debut had nothing to do with the decline. By far the biggest cryptocurrency exchange to go public, Coinbase immediately started to give ground after finding a price, and took bitcoin with it.”
USAGOLD note: Authers raises a prospect that will not be received well in some crypto-quarters. Though he doesn’t bring up the precious metals in this piece, we thought we would raise the prospect of gold and silver ownership in this context. Perhaps the time has come to begin considering the merits of converting bitcoin profits to the real offset to fiat currency risk.
Chart courtesy of TradingEconomics.com • • • Click to enlarge
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